Pakistan ‘effectively’ presents progress on FATF Action Plan

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SIDDEEQ SAJID

Islamabad

There-day talks between Pakistan and the Financial Action Task Force’s (FATF) the Asia-Pacific Joint Group (APG) ended in Bangkok, the finance ministry said on Wednesday.

According to a statement of finance ministry spokesman, a senior level Pakistan delegation led by Minister for Economic Affairs Division Hammad Azhar attended Face-to-Face meetings with FATF’s Asia-Pacific Joint Group (AP-Joint Group), to discuss Pakistan’s progress on FATF Action Plan.

“The Pakistan delegation effectively presented Pakistan’s progress on each of the FATF Action Plan items and provided additional information and clarification to the [APG],” read the statement.

Now Pakistan’s fate will be decided in main meeting of FATF that will be held on October 13 at Paris.

Pakistan has said that all requirements of FATF Asia pacific group has been full filled and relevant documents, information and additional information has also been shared.

“The Minister conveyed government’s strong commitment to implement the international anti money laundering (AML/CFT)  and counter financial terrorism standards and reaffirmed Pakistan’s unequivocal commitment to work with international community in the fight against money laundering, terrorism financing and other financial crimes.”

The APG has 40 recommendations for the AML standards and another eight for CFT.

The finance ministry statement added that as per FATF’s procedures, the APG will present its report in the FATF Plenary and Working Group meetings scheduled from October 13-18 in Paris, France.

Earlier, head of Pakistani delegation hamad azhar told media men that meeting with Asia pacific group was very positive and productive we shared with them all addition information regarding steps to counter money laundering and financial terrorism while told them government, s performance during last four months against money laundering as we have strengthen our system.

Pakistan is currently being monitored at three different but interlinked levels — APG, the United States and the FATF — that would determine the country’s possible exit from the FATF grey list. Given significant progress on its 10-point action plan on 27 different standards, authorities expect to secure a couple of months of grace period to be fully compliant when the country comes under final review of the FATF by mid-October.

Last month, Prime Minister Imran Khan had set up a high-powered 12-member National FATF Coordination Committee to ensure execution of all FATF-related tasks till Dec 1. Led by economic affairs minister, coordination committee comprises three secretaries, heads of some institutions and three officials from GHQ.